SAN JUAN, P.R. — Carlos Maldonado, operator of Business Planning Resources International Corporation (BPRIC), Glorimar Fashions and Tailoring, LLC, Global Business Insurance Agency Inc., and linked in corporate records to Pet Card Systems, Inc. and Datavos Corporation, was arrested today on a sixteen-count federal indictment charging securities fraud and bank fraud. The U.S. Attorney’s Office for the District of Puerto Rico alleges Maldonado masterminded a sprawling financial scam that pulled in more than $5,000,000 from over 100 victims across Puerto Rico and the continental United States.
From approximately 2007 through 2012, Maldonado and accomplices—some still unidentified—lured investors with promises of high returns and legitimate business ventures. Instead, the funds were diverted into speculative stock and commodity trades through ScottTrade and Forex Capital Markets, LLC, and siphoned off to cover Maldonado’s personal expenses: retail purchases, restaurant tabs, travel, rent, entertainment, and auto loan payments for his family. Investors were handed signed Investment Contracts, giving the operation a veneer of legitimacy while the truth remained buried.
Prosecutors say Maldonado, in person, over the phone, online, and through third-party promoters, repeatedly made false claims to investors. He asserted that multiple companies were engaged in lawful operations, while deliberately concealing that investor money would never be used for business development. No disclosures were made about the risky trading accounts or the personal enrichment scheme that followed—a calculated deception federal authorities now label a classic Ponzi structure.
“The defendant’s alleged conduct undermines the confidence investors place in the financial markets,” said U.S. Attorney Rosa Emilia Rodríguez-Vélez. “Financial markets are governed by rules that are supposed to protect investors. This defendant, skilled at convincing individuals to place their trust in him, engaged in a ‘Ponzi’ scheme to defraud investors, and ultimately cost them millions of dollars. We will continue investigating and prosecuting this type of crime to the full extent of the law.”
Maldonado now faces a maximum sentence of 30 years in prison and a fine up to $1,000,000. The case is being handled by Assistant U.S. Attorney Edward Veronda and investigated by the FBI. Authorities are urging anyone who signed an investment contract with Maldonado and suffered financial loss to contact the U.S. Attorney’s Office to learn about the legal proceedings and potential restitution.
An indictment is not evidence of guilt. Carlos Maldonado is presumed innocent until proven guilty in a court of law. The federal government must establish each charge beyond a reasonable doubt. As the case unfolds, investigators remain focused on tracing the full flow of misappropriated funds and identifying any additional co-conspirators involved in the scheme.
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Key Facts
- State: Puerto Rico
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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